“Structural changes” lead to revenue growth at Full House in Q1
Revenue for the three months to March 31 amounted to $42.2m (£29.9m/€34.7m), up from $30.9m in Q1 of last year, during which Full House was forced to close all of its land-bad gambling facilities in line with local novel coronavirus (Covid-19) restrictions.
Full House’s casinos closed from mid-March 2020 as US states sought to slow the spread of Covid-19. However, these facilities are now open again – though some at limited capacity – allowing revenue to rise in Q1 of the current year.
Casino revenue climbed 54.3% year-on-year to $32.1m, while hotel revenue also edged up 10.0% to $2.2m. Food and beverage revenue was 12.9% down at $6.1m, but Full House saw the fastest growth within its other operations, including online and mobile sports, with revenue up 63.6% to $1.8m.
Breaking down revenue performance by state, Full House’s Silver Slipper Casino and Hotel in Mississippi saw revenue increase 48.1% to $22.4m, while revenue at the Rising Star Casino Resort in Indiana also climbed 18.5% to $8.6m.
In Colorado, revenue from Bronco Billy’s Casino also increased 18.5% year-on-year to $5.9m, while in Nevada, revenue from the Grand Lodge and Stockman’s casino properties was up 41.9% to $4.4m.
Turning to Full House’s contracted sports wagering segment, which consists of its on-site and online sports wagering skins in Colorado and Indiana, revenue jumped 150.0% from $400,000 in Q1 of 2020 to $1.0m this year. This reflected a full quarter of operations of three of Full House’s six permitted sports wagering skin, compared to just one in Q1 of 2020.
Full House commenced operations with its fourth and fifth sports wagering skins in April this year, with the operator anticipating the launch of its sixth skin in the coming months. When all six skins are in operation, it expects to generate at least $7m per year in revenue.